Currently, the altcoin has retraced and is hovering above the moving average lines. BCH price analysis by Coinidol.com.
Bitcoin Cash price long-term analysis: ranging
The price of Bitcoin Cash (BCH) moved above the moving average lines on October 1. The crypto rebounded from the $530 support and broke above the moving average lines. Bullish momentum pushed the price to a high of $615, where it was rejected. The altcoin has returned to its range between the $530 support and resistance below $640.
BCH remains confined to this range above the moving average lines. On the upside, BCH is expected to resume its upward movement if buyers overcome the resistance levels at $620 and $640. However, this upward move is uncertain, as sellers are likely to defend the $640 level. BCH is priced at $591.80 at the time of writing.
Technical Indicators
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Key Resistance Zones: $600, $650, $700 -
Key Support Zones: $500, $450, $400
BCH price indicators analysis
The crypto price is above the horizontal moving average lines. The 21-day SMA is above the 50-day SMA, indicating a sideways trend. On the 4-hour chart, the moving average lines are sloping upwards, reflecting the current uptrend. The price action is marked by Doji candlesticks, which are slowing price movement.
What is the next direction for BCH/USD?
BCH has recovered after falling below the current support at $530. The altcoin corrected upwards to a high of $615 but was rejected. The crypto price has retraced below the 21-day SMA. BCH is now trapped between the moving average lines. This range-bound movement is expected to continue for a few days.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.